Markets regulator Sebi on Monday exempted Anurag Benefit Trust from making open offers following the proposed acquisition of shares in West Leisure Resorts Ltd and Winmore Leasing and Holdings Ltd.
The orders came after Sebi received applications from the trustee of Anurag Benefit Trust seeking exemption from the applicability of SAST (Substantial Acquisition of Shares and Takeovers) Regulations in the matter of proposed acquisition of shares in the two firms.
The trust is a family trust, whose trustees and beneficiaries are promoters or immediate relatives of the promoter of the two companies.
Lalita Devi Jatia, who is the promoter of the two firms, holds 71.04 per cent and 58.92 per cent equity shares of West Leisure Resorts and Winmore Leasing and Holdings respectively.
Under the proposed acquisition, the trust proposed to acquire 71.04 per cent equity shares of West Leisure Resorts from Jatia.
In addition to the direct acquisition, the trust also proposed to acquire shares in Winmore Leasing and Holdings, member of the promoter group (which is owned and controlled by promoter and or immediate relatives of the promoter) resulting in an indirect acquisition of shares or control in West Leisure Resorts.
In the case of Winmore Leasing and Holdings, the trust proposed to pick up Jatia’s entire 58.92 per cent stake in Winmore Leasing and Holdings.